Aspire Insight’s acquisition of Kian Joo Can cancelled

MALAYSIA - The RM1.47 billion takeover offer for Kian Joo Can Factory Bhd has been called off, a mutual decision made by both Kian Joo and the buyer Aspire Insight Sdn Bhd.

In a filing with the stock exchange on 15 April, Kian Joo said they had mutually agreed to terminate the business sale agreement (BSA) and its ancillary agreements.

"The BSA, ASA (asset sale agreement) and PSA (property sale agreement) will cease to have any effect and will become null and void and neither party shall have any claim whatsoever against the other," it said.

This development concludes a lengthy acquisition bid which first started in November 2013 when Aspire Insight -which is controlled by Malaysia’s Employees Provident Fund - and Kian Joo COO Freddie Chee Khay Leong, launched a takeover offer for Kian Joo worth US$378.25 million (RM1.47 billion).

Over the past three years, the takeover exercise has seen four extensions made by both Kian Joo and Aspire Insight in a bid to fulfil all relevant conditions. According to local media reports, the main problem has been the parties’ inability to reach a consensus on the conditions.